OCR GCSE Economics - 1.2 Key Terms

Scarce resources

When there is an insufficient amount of something to satisfy all wants

Unlimited wants

The infinite desire for goods or services consumers would like to have

Economic problem

How to best use scarce resources to satisfy the unlimited wants of people

Opportunity cost

The next best alternative given up when making a choice

Economic choice

An option for the use of selected scarce resources

Economic sustainability

The best use of resources in order to create growth or development for a country, firm or individual, both now and into the future

Social sustainability

The impact of development or growth that promotes an improvement in quality of life for all, now and into the future

Environmental sustainability

the impact of development or growth where the effect on the natural world is small and possible to manage, now and into the future